777 Partners / Whatever the hell you like

[wellillwill]

Adminstration for a club with close to a billion in debt is, I could be wrong, unheard of. We'd never fully recover. It doesn't wipe the slate. Whoever takes over still has to pay the debt.

There's no evidence they're yet to be terrible owners though. They've taken over potless clubs since 2022 and...they've stayed potless. But none of them are going out of business, all mid table, all prudently ran in the early stages.

They aren't owners to take us to "the next level" but I don't see them as a new Milan Mandaric or Risdale.

Liege have borrowed money from Fellaini and not repaid it. They owe him three million euros.

 

[Eggsyblueskin]

United had a bidding war to meet the Glazers £8billion valuation.

If the investor believes the club is worth the valuation, they'll put it in.

From my POV. There isn't any.

The ones that are want us cheap or on the brink.

And we're comfortable with that? That our saviours will be people who pick up the carcass?

Just playing devil's advocate really because the other side of 777 not buying isn't all sunshine and rainbows

And yet the problem here is not necessarily Moshiri , he was willing to sell to MSP . It was the shadowy R&M group who insisted on the overvaluation of the club.
It doesn’t make sense to overpay for a club especially since it reduces the amount of available money you may have available to actually improve the clubs position.
It is 777 who are buying clubs on the brink , in fact that is their modus operandi.
To date there is scant evidence of any improvement in any of the clubs that 777 have bought a controlling interest in .
In fact most of the clubs are still operating on thin air and there is understandable dissatisfaction amongst many fans with their performance.
To make money from the clubs they don’t have to do anything beyond the bare minimum to have access to the money that flows through clubs and in our case mortgaging a stadium will bring in a large amount.
I also suspect they will load the stadium costs onto the ticket prices as Kroenke did at Arsenal.
It will be interesting how many people will spend the best part of £1000 a season to watch a club permanently occupying the mid table positions competing for nothing season after season.
We are not Arsenal and this is not London after all.

 

[MIKE85]

They've hired an interim CFO because their original guy left abruptly.

Typically CFOs don't quit jobs like a McDonald's fry cook would. There's planning in place.

It means 777 Chief Financial Officer left suddenly and will be replaced by a freelancer.

Hardly the definition of a stable organisation

Thx lads. I'm still astonished at how the club amassed over £1.2b in debt, with the £750m stadium debt being the only positive.

 

[Moderatelywarmwater]

In theory yes, but until such point as a takeover completes, he still owns the club. And control ultimately lies with the shareholder.

Exactly. I’m not sure that he has as much control as that. I thought that MSP insisted on board charges and got them

 

[pfim]

Exactly. I’m not sure that he has as much control as that. I thought that MSP insisted on board charges and got them

MSP don't have any control, they are only a creditor.

 

[Moderatelywarmwater]

MSP don't have any control, they are only a creditor.

Creditors can have some control and they seem to have insisted on board changes to secure the investment.

 

[pfim]

Creditors can have some control and they seem to have insisted on board changes to secure the investment.

That was when they were taking an equity interest in the club.

Once that did not go through, that is gone.

They hold no board seats.

 

[Eggsyblueskin]

MSP don't have any control, they are only a creditor.

Actually they do have some say as they have invested money in the club , so they have an interest in protecting their investment.
In fact the reason they were unable to purchase the club is because another group who provided loans to the club objected and subsequently blocked them because MSP’s valuation of the club was too low for their interests.

 

[pfim]

Actually they do have some say as they have invested money in the club , so they have an interest in protecting their investment.
In fact the reason they were unable to purchase the club is because another group who provided loans to the club objected and subsequently blocked them because MSP’s valuation of the club was too low for their interests.

They can't make decisions for the club.

Their loan dictates that it's paid off if the club is taken over. That's the only control they have.

 

[AndyC]

The Esk does seem to be hammering home that if the deal collapses..."sensible investors" would come in after short term pain.

Find that lunacy. For one...no sensible investor is paying what Mosh wants and owe close to a billion debt. The other "short term pain" is selling everything off to float the club.

Personally my view hasn't changed. Get 777 in, stem the tide.

Then worry about the future when it comes.

If the club were to go into administration, the 'sensible investors' will be dealing with the Administrators, not Moshiri.

 

[AndyC]

I hope what he is advocating / hoping for isn't administration so that some of his business mates can pick the club for a song, because "short term pain" is relegation, creditors stiffed and rank and file job losses. It's messing with people's lives, livelihoods, mental wellbeing and it's to be avoided at all costs.

Esk and all others advocating for "another way" should be clear on what that is and what it involves. Only then can we as fans properly evaluate whether this is in fact a better option for us and the club, and not just for the circling vultures.

entails Moshiri coming to his senses - a long shot possibly - and realising that his 'preferred and best option for the club' namely the potless 777 are toast... and he eats some humble pie and opens negotiations with other parties expressing interest.

The PL, for all their faults and they are numerous, will want all the financial assurances that 777 have been unable to provide and to try and get a new takeover offer examined and ratified as soon as possible.

 

[trueblue84]

If the club were to go into administration, the 'sensible investors' will be dealing with the Administrators, not Moshiri.

Wouldn't moshiri therefore want to negotiate a deal with someone else before having to call in administrators?

 

[AndyC]

Wouldn't moshiri therefore want to negotiate a deal with someone else before having to call in administrators?

If he's got anything other than mush between his ears, yes.
But with every day that goes by, his position weakens in regards of what he might realise from any such takeover... he might be lucky to retain the shirt on his back.

 

[Benno]

It’s a shame we can’t just raise the money and then run the club like a proper business. With FFP now I guess we shouldn’t need a stack load of cash to blow. I might go on dragons den with this.

 

[Eggsyblueskin]

The Esk does seem to be hammering home that if the deal collapses..."sensible investors" would come in after short term pain.

Find that lunacy. For one...no sensible investor is paying what Mosh wants and owe close to a billion debt. The other "short term pain" is selling everything off to float the club.

Personally my view hasn't changed. Get 777 in, stem the tide.

Then worry about the future when it comes.

I do find it odd that you think 777 will improve our situation at all.
To believe that you have to ignore their performance at other football clubs to date.
Or across most of the businesses they have control or even an interest in.
You also have to ignore the informed opinions of those who report on financial institutions and who generally have a low opinion of 777 and their dubious methods and practices.
You also have to ignore the fact that they lack the finances to service what they already own without adding us to their stretched portfolio!